$ETH Fell alongside BTC, but the E/B exchange rate remained quite resilient🤔

BTC fell below $67,000, and ETH was also dragged down to around $1,900. But looking closely at how the two performed, there are still some interesting details:

Over the past 24 hours, BTC fell about 3%, while ETH fell about 2.1%. The ETH/BTC exchange rate instead rose nearly 0.8%, currently holding around 0.0283.

This shows that amid a broad market decline, ETH is starting to outperform BTC on a relative basis.

Of course, this isn't enough to show that capital is shifting from BTC to ETH on a large scale. After all, the E/B exchange rate had also seen a significant decline before, so for now this is more of a short-term recovery.

But I think this change is worth keeping an eye on:

If BTC continues to fall and E/B manages to stay strong, then ETH could have greater price elasticity once the market rebounds.

In a weak market, it's often more worth studying which asset stops falling first than which one rebounds faster🫡